Insurance Authority
From Wikipedia, the free encyclopedia
- Office of the Commissioner of Insurance
| 保險業監管局 | |
 | |
.jpg) Headquarters at Wong Chuk Hang | |
| Agency overview | |
|---|---|
| Formed | 7 December 2015 |
| Preceding agency |
|
| Jurisdiction | Hong Kong |
| Headquarters | Wong Chuk Hang, Hong Kong |
| Agency executives |
|
| Website | https://www.ia.org.hk/ |
The Insurance Authority (IA) of Hong Kong is the statutory body charged with regulating the insurance industry in Hong Kong. It is a regulator run independently of the Government of Hong Kong.
Prior to the establishment of the IA, the insurance industry in Hong Kong was overseen by the Hong Kong government's Office of the Commissioner of Insurance, which had no power to control agents. The government first attempted to launch the IA in 2003, but the plan was shelved after strong opposition from the insurance industry. The proposal was raised again in 2011 with the government agreeing to withdraw a section that gave the IA power to temporarily suspend insurance companies or their staff from working in the industry without a disciplinary procedure or appeal. However the government remained firm on the penalties the IA could impose.[1] In July 2015, Hong Kong legislators passed a law to set up the IA that would replace the Office of the Commissioner of Insurance.[2] On 7 December 2015, the IA was officially established.[3]
On 26 June 2017, the IA officially commenced operations taking over from the Office of the Insurance Commissioner as regulator for all insurance companies and as well as overseeing their insurance sales staff. It had far more power compared to its predecessor. Its first task was to work with the China Insurance Regulatory Commission regarding cross border regulation.[3][4]